Inside a $1.1B deal to reshore critical minerals refining

Nth Cycle, a U.S. startup using modular electrochemical systems to refine nickel and other critical minerals, has signed a $1.1 billion agreement with commodity trader Trafigura to expand its processing capacity. The deal aims to reduce U.S. and European dependence on Chinese-controlled nickel refining, which dominates over half the world's supply. Unlike traditional large-scale refineries, Nth Cycle's smaller, modular approach can operate profitably at lower volumes — as little as 6,000 metric tons per year — making it viable before the anticipated surge in end-of-life EV batteries. New facilities in South Carolina and the Netherlands will process a combined 18,000 metric tons of scrap, sourced from battery black mass and oil industry catalysts.